Toyota gains Hawaii market share as new vehicle sales jump 22%

Toyota cemented its dominance in the Hawaii automobile and light truck market last year, increasing its market share by nearly a full percentage point as new vehicle sales in the state jumped 22 percent, according to a report from the Hawaii Automobile Dealers Association.

Toyota (NYSE: TM) and its Scion brand had 26.3 percent of the Hawaii market in 2012, which was 0.8 percentage points higher than its 2011 share of 25.5 percent, according to the report released Tuesday.

Total registrations for new vehicles numbered 44,830 in 2012, which was 20.9 percent more than in 2011, marking the fourth consecutive year of increasing sales, the auto dealers association said. However, total sales were still far below the levels set in 2006 and 2007, when new registrations totaled 67,224 and 57,526, respectively, according to the data in the report.

Growth is projected to slow this year to a forecasted 6.5 percent increase because of consumer debt and possible moves by the government to cut spending and raise taxes, but the report said pent-up demand and vehicle affordability will help spur sales.